The market power enjoyed by a particular producer depends on the number of firms in the industry
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following will not change the demand for movie tickets?
A) A change in the cost of babysitting services B) A change in the incomes of moviegoers C) A change in the price of movie tickets D) A change in the quality of television programs E) A change in the quality of movies
Refer to the table below. If the attorney reviews 51 patents, what is the expected marginal benefit of reviewing the 51st patent?
The above below shows the quantity of patents reviewed by a firm's attorney and the corresponding probability that the firm will infringe on another firm's patent. The cost of infringement is $50,000.
A) -$40,000
B) $4,000
C) -$4,000
D) $40,000
Consider a firm that produces 500,00 . units per year. The firm's fixed costs are $100,000 . marginal costs are $250 and the price per unit is $400 . In the short-run, how low can price go before it is profitable to shut down?
a. $150 b. $250 c. $250.20 d. $400
If an additional worker costs you $15 per hour and can add 10 units per hour of output to the firm, you should hire that person as long as
A. demand for your product is increasing and you sell in a competitive market. B. the product price is at least $1.50. C. the value of marginal product is between $10 and $14. D. the marginal product of the worker is greater than the value of the marginal product.